Following the admission of six new countries (Argentina, Egypt, Iran, United Arab Emirates, Saudi Arabia and Ethiopia) to the BRICS, the group will have access to 44.35% of the world’s oil reserves. This is proven by calculations TASS based on official statistics.
The area of the expanding BRICS will be 48.5 million square meters. km or 36% of the entire surface of the Earth. This is more than double the total area of the G7 countries. The population of the new BRICS will reach 3.6 billion people, which corresponds to 45% of the total population of the planet. By comparison, the G7 is home to 600 million people alone.
It is estimated that the total GDP of the enlarged union will be $65 trillion at current prices, or 37.3% of the world’s GDP. By comparison, the G7 accounts for 29.9% of the global economy. In addition, the new BRICS will produce almost half of the world’s food. Especially in 2021, these countries were producing 49% of the world’s wheat crop and 55% of the rice crop.
An expanded BRICS will also control the lion’s share of global production of strategic metals such as aluminum and palladium. However, in terms of total industrial production, the group is only slightly ahead of the G7, and in terms of exports it lags behind the “seven” developed countries.
Cyril Ramaphosa, President of the Republic of South Africa in Sabah declarationSix new countries will join the BRICS.
previously in the USA saw The possibility of increasing the impact of the BRICS.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.